Plat­inum Jew­ellery De­mand to Stay High

In­dus­try body has forecast 23% growth for the year as me­tal turns .₹ 4,000 cheaper than gold

The Economic Times - - Commodities Plus - Su­tanuka.Ghosal @times­

Kolkata: Re­tail sales growth of plat­inum jew­ellery in 2016 is ex­pected to keep pace with the rapid ex­pan­sion seen last year as plat­inum has turned .₹ 4,000 per 10 gm cheaper than gold.

Plat­inum Guild In­ter­na­tional (PGI) on Thurs­day, in its third an­nual re­tail barom­e­ter re­port, forecast 23% growth while its strate­gic part­ners such as Orra, Joy­alukkas, Ish­war­lal Har­ji­van­das Jewellers and Senco Gold & Di­a­monds pro­jected 25% growth dur­ing the year.

In 2015, re­tail sales of plat­inum jew­ellery went up 24% over that in the pre­vi­ous year.

Vasi­hali Ban­er­jee, coun­try man­ager In­dia at PGI said: “Plat­inum has seen an ex­cel­lent growth of 24% de­spite it be­ing a chal­leng- ing year. In 2016, we are ex­pect­ing 23% growth, though re­tail­ers are peg­ging growth at 25%. The month-long strike in March in gold trade may af­fect the growth.”

On Thurs­day, plat­inum was priced at .₹ 2,450 per gram while gold was sell­ing at .₹ 2,850 per gram.

In 2015, stud­ded plat­inum jew­ellery ac­counted for 53% of the sales Grow­ing in­ter­est due to: Grow­ing con­sumer ac­cep­tance In­creas­ing dis­tri­bu­tion

In­ter­na­tional Find­ings: Low price cre­ated buy­ing op­por­tu­nity for more con­sumers Bet­ter mar­gin op­por­tu­ni­ties for re­tail­ers US mar­ket grew 10% growth. The re­search for the an­nual re­tail barom­e­ter was con­ducted by a third-party agency, Strat­won Busi­ness Con­sult­ing, be­tween Jan­uary and Fe­bru­ary 2016. It cov­ered 21 more re­tail com­pa­nies with nearly 310 re­tail out­lets in plat­inum mar­kets across In­dia.

Ban­er­jee said a price drop in plat­inum is help­ing In­dian consu- Suc­cess­ful branded pro­grams

mers up­grade from 18-carat stud­ded gold jew­ellery to plat­inum jew­ellery. Su­vankar Sen, ex­ec­u­tive di­rec­tor of Senco Gold & Di­a­monds said plat­inum jew­ellery sales have grown over 25% across the com­pany’s stores. “Rings are the fastest mov­ing cat­e­gories in plat­inum, fol­lowed by ear­rings and pen­dant sets.”

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